In his Working Paper, IMFS Professor Helmut Siekmann sums up the legal questions linked to the political agenda in Greece in the year 2015 with two elections and the negotiations about a third rescue package. Siekmann investigates the debate about exit, exclusion or parallel currencies in the euro area from a legal perspective coming to the conclusion that it is legally not possible for a member state whose currency is the euro to exit or withdraw from the euro area or introduce of a new currency parallel to the euro.
IMFS Working Paper No. 99
"Exit, Exclusion, and Parallel Currencies in the Euro Area"
(PDF, 235 KB)